Use the following to answer questions : \[\begin{array}{l} \text { Table: Total Cost Data }\\ \begin{array} { c c c } \hline \begin{array} { c } \text { Quantity of } \\ \text { Output } \end{array} & \begin{array} { c } \text { Variable } \\ \text { Cost } \\ ( \text { VC) } \end{array} & \begin{array} { c } \text { Total Cost } \\ ( \boldsymbol { T C } ) \end{array} \\ \hline 0 & \$ 0 & \$ 50 \\ 1 & 50 & 100 \\ 2 & 70 & 120 \\ 3 & 100 & 150 \\ 4 & 140 & 190 \\ 5 & & 240 \\ 6 & 250 & 300 \\ 7 & 320 & 370 \\ \hline \end{array} \end{array}\] -The total cost curve shows how the _____ cost depends on the quantity of _____.

A) total;fixed inputs B) average;variable inputs C) total;output D) marginal;output A) total;fixed inputs B) average;variable inputs C) total;output D) marginal;output

Use the following to answer questions : \[\begin{array}{l} \text { Table: Production Function for Soybeans }\\ \begin{array} { l c } \begin{array} { l } \text { Quantity } \\ \text { of Labour } \\ \text { (workers) } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Soybeans (bushels) } \end{array} \\ \hline 0 & 0 \\ 1 & 25 \\ 2 & 45 \\ 3 & 60 \\ 4 & 70 \\ 5 & 75 \end{array} \end{array}\] -(Table: Production Function for Soybeans)Use Table: Production Function for Soybeans.Assume that the fixed input,capital,is 10 hectares of land and a tractor,which have a combined cost of $150 per day.The cost of labour is $100 per worker per day.The total cost of producing 25 kilograms of soybeans is:

A) $50. B) $100. C) $150. D) $250. A) $50. B) $100. C) $150. D) $250.

Use the following to answer questions : \[\begin{array}{l} \text { Table: Tonya's Production Function for Apples }\\ \begin{array} { l c c } \hline \begin{array} { l } \text { Quantity } \\ \text { of Land } \\ \text { (hectares) } \end{array} & \begin{array} { c } \text { Quantity } \\ \text { of Labour } \end{array} & \begin{array} { c } \text { Total } \\ \text { Product } \\ \text { (apples picked) } \end{array} \\ \hline 10 & 0 & 0 \\ 10 & 1 & 8 \\ 10 & 2 & 15 \\ 10 & 3 & 21 \\ 10 & 4 & 26 \end{array} \end{array}\] -(Table: Tonya's Production Function for Apples)Use Table: Tonya's Production Function for Apples.In the short run,Tonya's variable input(s)is/are:

A) land. B) labour. C) land and labour. D) neither land nor labour. A) land. B) labour. C) land and labour. D) neither land nor labour.

Use the following to answer question 358: \[\begin{array}{l} \text { Table: Linda's Copy Shop Production }\\ \begin{array} { l c } \hline \begin{array} { l } \text { Quantity of } \\ \text { Variable Input } \\ \text { (units) } \end{array} & \begin{array} { c } \text { Quantity of } \\ \text { Output } \\ \text { (copies) } \end{array} \\ \hline 0 & 0 \\ 1 & 100 \\ 2 & 200 \\ 3 & 350 \\ 4 & 450 \\ 5 & 525 \\ \hline \end{array} \end{array}\] -Janet's poodle grooming salon has a total cost curve expressed by the equation TC = 100 + 3Q2, where Q is the quantity of dogs groomed.Given this expression,Janet is operating in the:

A) long run. B) short run,and her fixed cost is $100. C) long run,and her fixed cost is $100. D) short run,and there are no fixed costs. A) long run. B) short run,and her fixed cost is $100. C) long run,and her fixed cost is $100. D) short run,and there are no fixed costs.

Use the following to answer questions : \[\begin{array}{l} \text { Table: Cost Data }\\ \begin{array} { c c c } \hline \begin{array} { c } \text { Quantity } \\ \text { of Output } \end{array} & \begin{array} { c } \text { Variable Cost } \\ ( \boldsymbol { V C } ) \end{array} & \begin{array} { c } \text { Total Cost } \\ ( \boldsymbol { T C } ) \end{array} \\ \hline 0 & 0 & 50 \\ 1 & 50 & 100 \\ 2 & 70 & 120 \\ 3 & 100 & 150 \\ 4 & 140 & 190 \\ 5 & 190 & 240 \\ 6 & 250 & 300 \\ 7 & 320 & 370 \\ \hline \end{array} \end{array}\] -(Table: Cost Data)Use Table: Cost Data.The average total cost of producing six purses is:

A) $190. B) $70. C) $50. D) $35. A) $190. B) $70. C) $50. D) $35.

Use the following to answer questions : \[\begin{array}{l} \text { Table: Cost Data }\\ \begin{array} { c c c } \hline \begin{array} { c } \text { Quantity } \\ \text { of Output } \end{array} & \begin{array} { c } \text { Variable Cost } \\ ( \boldsymbol { V C } ) \end{array} & \begin{array} { c } \text { Total Cost } \\ ( \boldsymbol { T C } ) \end{array} \\ \hline 0 & 0 & 50 \\ 1 & 50 & 100 \\ 2 & 70 & 120 \\ 3 & 100 & 150 \\ 4 & 140 & 190 \\ 5 & 190 & 240 \\ 6 & 250 & 300 \\ 7 & 320 & 370 \\ \hline \end{array} \end{array}\] -(Table: Cost Data)Use Table: Cost Data.The average variable cost of producing four purses is:

A) $190.00. B) $140.00. C) $47.50. D) $35.00. A) $190.00. B) $140.00. C) $47.50. D) $35.00.

Use the following to answer questions : \[\begin{array}{l} \text { Table: Costs of Producing Bagels }\\ \begin{array} { c c c } \hline \begin{array} { c } \text { Quantity } \\ \text { of Bagels } \\ \text { (per period) } \end{array} & \begin{array} { c } \text { Total } \\ \text { Variable Costs } \end{array} & \begin{array} { c } \text { Total } \\ \text { Fixed Costs } \end{array} \\ \hline 0 & \$ 0.00 & \$ 0.10 \\ 1 & 0.20 & 0.10 \\ 2 & 0.30 & 0.10 \\ 3 & 0.35 & 0.10 \\ 4 & 0.45 & 0.10 \\ 5 & 0.60 & 0.10 \\ 6 & 0.80 & 0.10 \\ 7 & 1.05 & 0.10 \\ 8 & 1.35 & 0.10 \\ \hline \end{array} \end{array}\] -(Table: Costs of Producing Bagels)Use Table: Costs of Producing Bagels.The total cost of producing two bagels is:

A) $0.10. B) $0.20. C) $0.40. D) $0.50. A) $0.10. B) $0.20. C) $0.40. D) $0.50.

Exam 11: Behind the Supply Curve- Inputs and Costs

Use the following to answer questions : Table: Cakes Number of mixers Fixed Costs Average Variable Cost 1 \ 1,000 \ 10 2 1,500 7 3 2,500 4 -(Table: Cakes)Use Table: Cakes.Pat is opening a bakery to make and sell special birthday cakes.She is trying to decide how many mixers to purchase.Her estimated fixed and average variable costs if she purchases 1,2,or 3 mixers are shown in the table.Assume that average variable costs do not vary with the quantity of output.If Pat purchases 3 mixers and bakes 100 cakes per day,what is her average fixed cost?

(Multiple Choice)

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Question 261

A manufacturing company that benefits from lower costs per unit as it grows is an example of a firm exhibiting:

(Multiple Choice)

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Question 262

Decreasing and increasing returns to scale account for the shape of the:

(Multiple Choice)

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Question 263

Use the following to answer questions : Table: Cakes Number of mixers Fixed Costs Average Variable Cost 1 \ 1,000 \ 10 2 1,500 7 3 2,500 4 -(Table: Cakes)Use Table: Cakes.Pat is opening a bakery to make and sell special birthday cakes.She is trying to decide how many mixers to purchase.Her estimated fixed and average variable costs if she purchases 1,2,or 3 mixers are shown in the table.Assume that average variable costs do not vary with the quantity of output.How many mixers should Pat buy to get the lowest average total cost if she plans to make 200 cakes?

(Multiple Choice)

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Question 264

When returns are diminishing,the marginal cost curve is upward sloping.

(True/False)

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Question 265

Use the following to answer questions : Table: Total Cost Data Quantity of Output Variable Cost ( VC) Total Cost ( ) 0 \ 0 \ 50 1 50 100 2 70 120 3 100 150 4 140 190 5 240 6 250 300 7 320 370 -The total cost curve shows how the _ cost depends on the quantity of _.

(Multiple Choice)

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Question 266

Use the following to answer questions : Table: Cakes Number of mixers Fixed Costs Average Variable Cost 1 \ 1,000 \ 10 2 1,500 7 3 2,500 4 -(Table: Cakes)Use Table: Cakes.Pat is opening a bakery to make and sell special birthday cakes.She is trying to decide how many mixers to purchase.Her estimated fixed and average variable costs if she purchases 1,2,or 3 mixers are shown in the table.Assume that average variable costs do not vary with the quantity of output.If Pat purchases 1 mixer and bakes 200 cakes per day,what is her average total cost?

(Multiple Choice)

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Question 267

Use the following to answer questions : Table: Production Function for Soybeans Quantity of Labour (workers) Quantity of Soybeans (bushels) 0 0 1 25 2 45 3 60 4 70 5 75 -(Table: Production Function for Soybeans)Use Table: Production Function for Soybeans.Assume that the fixed input,capital,is 10 hectares of land and a tractor,which have a combined cost of $150 per day.The cost of labour is $100 per worker per day.The total cost of producing 25 kilograms of soybeans is:

(Multiple Choice)

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Question 268

Use the following to answer questions : Table: Tonya's Production Function for Apples Quantity of Land (hectares) Quantity of Labour Total Product (apples picked) 10 0 0 10 1 8 10 2 15 10 3 21 10 4 26 -(Table: Tonya's Production Function for Apples)Use Table: Tonya's Production Function for Apples.In the short run,Tonya's variable input(s)is/are:

(Multiple Choice)

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Question 269

Use the following to answer question 358: Table: Linda's Copy Shop Production Quantity of Variable Input (units) Quantity of Output (copies) 0 0 1 100 2 200 3 350 4 450 5 525 -Janet's poodle grooming salon has a total cost curve expressed by the equation TC = 100 + 3Q²,where Q is the quantity of dogs groomed.Given this expression,Janet is operating in the:

(Multiple Choice)

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Question 270

Average variable cost does NOT equal:

(Multiple Choice)

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Question 271

Use the following to answer questions : Table: Cost Data Quantity of Output Variable Cost ( ) Total Cost ( ) 0 0 50 1 50 100 2 70 120 3 100 150 4 140 190 5 190 240 6 250 300 7 320 370 -(Table: Cost Data)Use Table: Cost Data.The average total cost of producing six purses is:

(Multiple Choice)

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Question 272

When marginal cost is BELOW average variable cost,average variable cost must be:

(Multiple Choice)

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Question 273

Use the following to answer questions : Table: Cost Data Quantity of Output Variable Cost ( ) Total Cost ( ) 0 0 50 1 50 100 2 70 120 3 100 150 4 140 190 5 190 240 6 250 300 7 320 370 -(Table: Cost Data)Use Table: Cost Data.The average variable cost of producing four purses is:

(Multiple Choice)

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Question 274

If average total cost is declining,marginal cost cannot be increasing.

(True/False)

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Question 275

The total cost curve gets steeper as output increases because of:

(Multiple Choice)

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Question 276

Variable cost divided by the quantity of output produced is _____ cost.

(Multiple Choice)

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Question 277

Diminishing returns are a reason that:

(Multiple Choice)

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Question 278

Use the following to answer questions : Table: Costs of Producing Bagels Quantity of Bagels (per period) Total Variable Costs Total Fixed Costs 0 \ 0.00 \ 0.10 1 0.20 0.10 2 0.30 0.10 3 0.35 0.10 4 0.45 0.10 5 0.60 0.10 6 0.80 0.10 7 1.05 0.10 8 1.35 0.10 -(Table: Costs of Producing Bagels)Use Table: Costs of Producing Bagels.The total cost of producing two bagels is:

(Multiple Choice)

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Question 279

If two firms are identical in all respects except that one has more of the fixed input capital than another,the marginal product curve for the firm with more capital:

(Multiple Choice)

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Question 280

A manufacturing company that benefits from lower costs per unit as it grows is an example of a firm exhibiting:

Decreasing and increasing returns to scale account for the shape of the:

When returns are diminishing,the marginal cost curve is upward sloping.

Use the following to answer questions : Table: Total Cost Data Quantity of Output Variable Cost ( VC) Total Cost ( ) 0 \ 0 \ 50 1 50 100 2 70 120 3 100 150 4 140 190 5 240 6 250 300 7 320 370 -The total cost curve shows how the _ cost depends on the quantity of _.

Average variable cost does NOT equal:

Use the following to answer questions : Table: Cost Data Quantity of Output Variable Cost ( ) Total Cost ( ) 0 0 50 1 50 100 2 70 120 3 100 150 4 140 190 5 190 240 6 250 300 7 320 370 -(Table: Cost Data)Use Table: Cost Data.The average total cost of producing six purses is:

When marginal cost is BELOW average variable cost,average variable cost must be:

Use the following to answer questions : Table: Cost Data Quantity of Output Variable Cost ( ) Total Cost ( ) 0 0 50 1 50 100 2 70 120 3 100 150 4 140 190 5 190 240 6 250 300 7 320 370 -(Table: Cost Data)Use Table: Cost Data.The average variable cost of producing four purses is:

If average total cost is declining,marginal cost cannot be increasing.

The total cost curve gets steeper as output increases because of:

Variable cost divided by the quantity of output produced is _____ cost.

Diminishing returns are a reason that:

If two firms are identical in all respects except that one has more of the fixed input capital than another,the marginal product curve for the firm with more capital:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Consumer Preferences

Indifference Curve Analysis

Filters

Exam 11: Behind the Supply Curve- Inputs and Costs

A manufacturing company that benefits from lower costs per unit as it grows is an example of a firm exhibiting:

Decreasing and increasing returns to scale account for the shape of the:

When returns are diminishing,the marginal cost curve is upward sloping.

Use the following to answer questions : Table: Total Cost Data Quantity of Output Variable Cost ( VC) Total Cost ( ) 0 \ 0 \ 50 1 50 100 2 70 120 3 100 150 4 140 190 5 240 6 250 300 7 320 370 -The total cost curve shows how the _____ cost depends on the quantity of _____.

Average variable cost does NOT equal:

Use the following to answer questions : Table: Cost Data Quantity of Output Variable Cost ( ) Total Cost ( ) 0 0 50 1 50 100 2 70 120 3 100 150 4 140 190 5 190 240 6 250 300 7 320 370 -(Table: Cost Data)Use Table: Cost Data.The average total cost of producing six purses is:

When marginal cost is BELOW average variable cost,average variable cost must be:

Use the following to answer questions : Table: Cost Data Quantity of Output Variable Cost ( ) Total Cost ( ) 0 0 50 1 50 100 2 70 120 3 100 150 4 140 190 5 190 240 6 250 300 7 320 370 -(Table: Cost Data)Use Table: Cost Data.The average variable cost of producing four purses is:

If average total cost is declining,marginal cost cannot be increasing.

The total cost curve gets steeper as output increases because of:

Variable cost divided by the quantity of output produced is _____ cost.

Diminishing returns are a reason that:

If two firms are identical in all respects except that one has more of the fixed input capital than another,the marginal product curve for the firm with more capital:

First Principles

Economic Models

Supply and Demand

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Consumer Preferences

Indifference Curve Analysis

Filters

Use the following to answer questions : Table: Total Cost Data Quantity of Output Variable Cost ( VC) Total Cost ( ) 0 \ 0 \ 50 1 50 100 2 70 120 3 100 150 4 140 190 5 240 6 250 300 7 320 370 -The total cost curve shows how the _ cost depends on the quantity of _.